Several maternity brands, all of which fall under the umbrella of the parent company, will be affected, including Destination Maternity, Motherhood Maternity, and A Pea in the Pod. Get the Ecommerce, Marketing & Operations info you need when you need it. Destination Maternity Corp. filed for chapter 11 protection and plans to close about 210 underperforming locations, bowing to declining sales brought on by online competition, changing consumer behaviors and falling pregnancy rates in the U.S. Destination -> Forward calls for between $4 million and $6 million in capital for key investments in technology upgrades, and Destination Maternity ultimately hopes to make 42% of its sales digitally by fiscal 2022, with revenue from the channel reaching up to $200 million. Oct. 24: Destination Maternity Corp. is preparing to lay off up to 430 workers at its Moorestown, Burlington County headquarters, plus 212 at its Florence, Burlington County warehouse, the company has told the New Jersey Department of Labor in a federal WARN Act notice. The company has had five CEOs in the past 5  years. “This decision is a difficult, but necessary, one,” Lisa Gavales, acting chief executive, said in a statement. Destination Maternity is also filing for a customary first day motion that, once approved by the bankruptcy court, will let the company transition its business into Chapter 11, according to a press release. Destination Maternity will pursue technology investments as another way to improve its balance sheet. In September’s “Is it a "Destination" if Nobody Goes?,” we concluded: And so we’ll have to wait and see whether Greenhill can pull a rabbit out of their hats. Destination Maternity, founded in the 1980s as Mothers Work, had been based in Philadelphia but moved to New Jersey with aid from that state’s tax incentive programs in 2013. You can change your choices at any time by visiting Your Privacy Controls. Part of the bankruptcy filing includes closing 183 stores on top of the 27 that the company had already closed, according to USA Today. The mall-based retailer listed $260 million in assets and $240 million in debts in a filing Monday with the U.S. Bankruptcy Court in Wilmington, Del. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Robert J. Duffy of Berkeley Research Group is serving as the company’s chief restructuring officer, advised by lawyers from the Washington firm Kirkland & Ellis LP. Destination Maternity Corp. is closing more than 180 of its stores as part of its Chapter 11 bankruptcy protection case, according to records. According to USA Today, the company blamed the retail industry’s turmoil, declining birth rates, high rents and leadership turnover for faltering. Oct. 24: Destination Maternity Corp. is preparing to lay off up to 430 workers at its Moorestown, Burlington County headquarters, plus 212 at its Florence, Burlington County warehouse, the company has told the New Jersey Department of Labor in a federal WARN Act notice. Destination Maternity announced it is closing more than a third of its stores and filing for Chapter 11 bankruptcy, adding to a long line of struggling retailers. On Friday, Destination Maternity filed a motion seeking approval of a stalking horse bidder for its assets. Destination Maternity is the parent company of Destination Maternity, Motherhood Maternity and A Pea in the Pod. Destination Maternity last week said it will close 117 store and leased shops by the end of this year, with plans to shutter between 42 to 67 stores in fiscal 2019. © 2020 The Philadelphia Inquirer, LLC Terms of Use/Privacy Policy. A new display at Destination Maternity in Cherry Hill, New Jersey, Monday, February 4, 2019 shows business professional maternity clothes. Destination Maternity announced it is closing more than a third of its stores and filing for Chapter 11 bankruptcy, adding to a long line of struggling retailers. Destination Maternity is the parent company of Destination Maternity, Motherhood Maternity and A Pea in the Pod. In its bankruptcy petition, Destination Maternity listed $260.2 million in assets and $244 million in debts, according to USA Today. Destination Maternity filed for Chapter 11 bankruptcy protection Monday, as the apparel company hopes to avoid the growing graveyard of fashion … Oct. 21: Destination Maternity Corp., the Moorestown-based store chain, filed Monday for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code in Wilmington as it seeks a buyer to avoid shutting down its Florence, N.J., warehouse and more than 400 stores. Neil Augustine and Peter Johns of investment bank Greenhill & Co. will run the sale. But in the meantime, Destination Maternity plans to use bankruptcy protection to close some of its stores. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. The Moorestown, N.J.-based company plans to start store closing sales at 148 locations this week, pending court approval, and expects... 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